BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide. Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years. For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams. She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.
Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.
Liar loans: How mortgage fraud helped trigger the GFC
DateFebruary 13, 2015
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Binyamin Appelbaum
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Low-income homebuyers borrowed more than they could afford - helped by the lenders' "art departments" fudging their wage statements. Photo: Ronda Churchill
The global financial crisis was caused in part by widespread fraud, which may seem like an obvious point. But it remains surprisingly controversial.
US President Barack Obama and other public officials, seeking to explain why so few people have gone to jail, have argued in recent years that much of what happened on Wall Street in the go-go years before the crisis was reprehensible but, alas, legal.
You will not be surprised to learn that many financial executives share this view - at least the part about the legality of their actions - and that a fair number of academics have come forward to...
http://www.macrobusiness.com.au/2013/06/uncovering-australias-sub-prime-mortgage-lending/
3 June 2013 By Leith van Onselen
Last year, The Australian newspaper published some great articles questioning the commonly held view that Australia’s banking sector is conservative. In April 2012, The Australian uncovered how Australia’s largest banks were being forced to forgive mortgage debts of borrowers granted loans based on falsified or fraudulent information supplied by mortgage brokers. Then in June 2012, The Australian followed-up with further reports (here and here) of Australian sub-prime lending, and the battle playing-out between unscrupulous lenders and borrowers.
In August 2012, The Australian reported on instances where the banks had been enticing elderly Australians into Ponzi-like mortgages that they had no way of repaying, as well as provided detailed coverage on the Senate committee into banking, where evidence of widespread improper lending practices were revealed. The Australian also revealed that lenders had been refusing to provide low-doc borrowers with copies of their applications,...
Banksters, ASIC and the EDR's are all realising the CITIZENS of this great southern land are (oops) waking up now to the fact the so-called NEW LAWS were simply a nasty smoke screen, developed by ASIC and its Bankster Mates, to bury the PRE 2010 bodies of mortgage victims who are now losing their homes at a rate of knots. New Zealanders have figured out it was Aussie Banks....what wrong with us? Are we too timid? Too quiet? Too passive?
OK so we understand: Its the LITTLE AUSSIE BATTLER vs OUR CROOKED BANKING SECTOR. The default rate is FUDGED and APRA needs to wake up now! Defaults are being manipulated by the bankers and refinancing which Commissioner from ASIC told me in Feb 2013 "we have stopped the bankers' refinancing (scam). Really Wazza? When did that happen? I am confused. You did say Yes Banks are the Engineers. We agree on...
ASIC cracks down on mortgage brokers NOT BANKS who approve loans....what is going on?
Posted Thu 23 Jan 2014
The ABC reported "ASIC cracks down on Mortgage Brokers."
"The corporate regulator is cracking down on fraud in the mortgage broking industry. The Australian Securities and Investments Commission says investigations into at least 20 brokers are underway. Mortgage brokers shop around for the best deals, usually for no charge, because they're paid a commission by the lender. But ASIC has accused some of falsifying loan applications."
READ THE TRANSCRIPT: be prepared for nausea!
http://www.abc.net.au/news/2014-01-23/asic-cracks-down-on-mortgage-brokers/5215098
Yes embarrassingly for our Nation, ASIC is cracking down on Brokers BUT NO BANKS who approve the dirty loans. Brokers are not qualified, nor licensed to approve loans. Dirty Lending Policy starts with approvals of unaffordable mortgage loans to older Australians. ASIC have given GREEN LIGHT to Banksters to continue with glee.....and immunity from charges being laid.
Borrowers...
The Federal Treasurer would do well to follow our lead and listen to what BFCSA Members are warning about Australia's sub prime mortgage crisis.
Mr Hockey, please send an urgent memo to the corporate regulator, Australian Securities and Investment Commission ("ASIC"). ASIC briefs you as Treasurer once per month. There are no two ways to go here Mr Treasurer. Only one way presents itself, in law and also as "the bloody right thing to do mate."
ASIC is telling Parliament "there are no systemic problems in the banking sector." You and I know differently: ASIC is lying to Parliament. ASIC is pretending all the toxic loans have been hidden from view and therefore they only have 17 complaints. But there are $57 billion of these wretched loans. Consumers are banding together. ASIC is trying to say the Brokers are to blame in all cases.....that in itself is an admission we are right, that there are toxic...
BFCSA is calling on the Federal Government to ensure FREEZE ON ALL FULL DOC AND LOW DOC MORTGAGE PAYMENTS where fraud is present. Every bank should be made to hand over copies of the client files immediately. ASIC refuse to do anything at all except spend tens of millions on office reno's. The Prime Minister must direct policy of such a nature as to protect consumers from further threats from the guilty Bankers and Lenders.
To all those miserable bank warlords who are trying to intimidate the holders of Fraudulent Loan Application Forms - do not even attempt to threaten anyone. I can guarantee you that every such letter on bank letterhead will be BLOGGED for the entire world to understand this complex scam. Bank Executives were the creators of these monstrous scams. 36% of all FULL DO AND LOW DOC liar loans were arranged by BANK MASTERS with not a...
Liar loans: How mortgage fraud helped trigger the GFC
DateFebruary 13, 2015
Read later
Binyamin Appelbaum
inShare
submit to reddit
Email article
Print
Low-income homebuyers borrowed more than they could afford - helped by the lenders' "art departments" fudging their wage statements. Photo: Ronda Churchill
The global financial crisis was caused in part by widespread fraud, which may seem like an obvious point. But it remains surprisingly controversial.
US President Barack Obama and other public officials, seeking to explain why so few people have gone to jail, have argued in recent years that much of what happened on Wall Street in the go-go years before the crisis was reprehensible but, alas, legal.
You will not be surprised to learn that many financial executives share this view - at least the part about the legality of their actions - and that a fair number of academics have come forward to...
with all the patchwork on the documents & all these incredibly honest & intelligent minds reporting the evidence, When is the TIME
